Copper has had a strong recovery after the breakdown we saw a few weeks back. The 20 day chart has a bullish look to it with somewhat of a bullish inverted head and shoulders pattern setting up. If copper can get moving here, I like the chances of continued upside in the market. Keep it on watch:
4.45444 is my magic number I posted in Flys blog a couple of days ago. Copper has no fundie basis to be at this level and once it gives up this attempted retest of its 50% level it should roll nicely.
Oil isn’t justifiable on fundies either, imo. But I am afraid for now one must respect the power of mad amounts of money chasing commodities while crying “pomo momo”
Checklist you are correct, but sooner or later we will have our turn. I still think the turn is here, the world is coming to grips that the “restock after Chinese New Year” play may not work out, therefore being the straw we need to break this momo….we will see.